§ Captain Kerbyasked the Chancellor of the Exchequer if he is aware that the Inland Revenue is taxing capital as well as revenue items in traders' accounts; and if he will take steps to put a stop to this practice.
§ Sir E. BoyleThere are some special provisions in the Income Tax Acts (for instance, those relating to the balancing charges) under which the receipt by a trader of a capital sum may involve him in tax liability. I am not aware that the Inland Revenue are imposing tax on capital receipts except where these special provisions apply.